Though Walker McKinney ’50 majored in economics, he loved the life sciences and made several outright gifts to Princeton in these areas. Like Holmes, he also established a charitable remainder trust.
Gift Planning Stories
When Charles H. Smyth came to Princeton to teach geology in 1905, he brought his two sons with him: Charlie and Harry. Both boys grew up to attend Princeton and follow in their father’s footsteps as Princeton faculty members and both are now commemorated with endowed chairs: the Charles Phelps Smyth ’16 *17 Professorship in Chemistry and the Henry De Wolf Smyth Professorship.
L. Desaix Anderson Jr. ’58 has been able to transform real estate—in this case, three condominiums in Washington, D.C.—into a gift that is particularly meaningful to him. “I welcome the opportunity to thank Princeton for an extraordinary, life-long engagement with ideas and history,” he says.
Gordon Douglas gave Princeton a house in Connecticut, near where he lives with his wife, Sheila Mahoney. “When I did the math,” he said, “this came out well for me. It ensured income for us, as well as allowing us to make a substantial gift to Princeton—a classic win-win situation.”
Some years ago Ray Close purchased a plot of unimproved farmland. Later a major highway interchange was planned nearby. Because of the resulting capital gain it made excellent tax sense to donate the property to Princeton and create a trust, “something I had always wanted to do,” Close said.
Think about a bequest of $100,000 made in 1925 that created a scholarship fund. Even if you assume that the money has been effectively invested and generously awarded, you still might not be able to appreciate the enormous value this one gift has had over eight decades.